It is not widely known at this time despite some recent media focus on the implications of the new EU Gender Directive will have on car insurance premiums, that in fact the implications are much broader.
The main idea behind the directive was to create a gender balance and remove discrimination on gender grounds. Up to now women enjoyed cheaper premiums based upon their positive claims history with car insurance and indeed their longer life expectancy for life assurance.
The new directive could add between 30 and 50% to premiums for women with the stroke of a pen on the 21st December 2012. This will impact on polices such as motor, life cover, mortgage protection and indeed income protection cover.
The window of opportunity for individuals or indeed joint policy holders to review their existing cover and avail of cheaper premiums currently available is closing rapidly.
Ocean.ie are inviting anyone interested in making changes to contact myself or my colleagues, Terry Palmer and Philip Doyle today and make any changes necessary rather than face an inevitable increase in premiums in the future.
Women looking at their car insurance will be able to possibly avoid the changes this year but as car insurance is an annual policy the increases will apply at renewal and are unavoidable.
However the benefits are much greater on their life, serious illness or income protection policies. The savings made here could for 30-40 years depending on the term of the policy.